Make us your home page

Bank gets permission to confiscate Tampa gold dealer's coins and music machines

Mark Yaffe, head of a worldwide coin wholesale business based in Tampa, will have to liquidate millions of dollars worth of rare coins and antique music machines to satisfy his creditors.

Yaffe filed for Chapter 11 bankruptcy in July when Boston's Sovereign Bank called a $35 million loan. The bank accused Yaffe of misusing money to, among other things, build a 29,000-square-foot mansion in Tampa's Avila neighborhood.

On Wednesday, after inconclusive mediation between the bank and Yaffe, Sovereign got the court's permission to confiscate and sell coins and music machines worth an estimated $18 million.

Yaffe is among the top collectors of electric and mechanical music contraptions, the display of which dictated the design of his mansion, Tampa Bay's second biggest house.

U.S. bankruptcy Judge Michael Williamson agreed that Sovereign had waited long enough for Yaffe to come up with a reorganization plan to satisfy creditors.

Yaffe's lawyers didn't contest the liquidation, recognizing the bank's claim to the collateral. Since the bankruptcy filing last year, the court has stashed the coins in a Brink's vault.

"The bank understandably wants to start seeing some cash," said Daniel Saxe, one of Yaffe's lawyers.

Williams urged the parties to resume mediation. Yaffe shut down National Gold Exchange's Carrollwood office but continues to buy and sell coins through a new entity called Phoenix Gold Corp.

Richard McIntyre, Yaffe's bankruptcy attorney, said Phoenix has been very successful and aims to pay off National Gold Exchange's debts over seven years. At its peak, National Gold did about $500,000 worth of business a week.

Bank gets permission to confiscate Tampa gold dealer's coins and music machines 02/10/10 [Last modified: Thursday, February 11, 2010 8:56am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Superior Uniform acquires Los Angeles-based PublicIdentity


    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]
  2. FBI warns of spreading W-2 email theft scheme

    Personal Finance

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms — scams that can put staffers' Social Security numbers and other critical information in the hands of thieves.

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms.
[McClatchy DC/TNS file photo]
  3. Walmart expands grocery delivery service in Florida markets


    TAMPA — Walmart is formally launching its grocery delivery service in Tampa, the company announced Monday, as it expands its delivery test into Orlando and Dallas. Five locations around Tampa are offering delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  4. Marina at Hudson Beach poised to become 24-unit condominium-hotel


    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.
  5. Have your say Tampa Bay on the region's future transit options

    Mass Transit

    TAMPA — It's time, yet again, for Tampa Bay residents to tell officials what kind of transit options they want for their region.

    The Cross-Bay Ferry docks at the Tampa Convention Center on its maiden voyage on Nov. 1, 2016. A regional premium transit study will determine whether a ferry, or other options such as express buses or light rail, would be a good addition to Tampa Bay. [SCOTT KEELER  |  Times]